Dar Al Arkan’s net profit tumbles 92% in Q1 2019

09/05/2019 Argaam Exclusive

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Dar Al Arkan Real Estate Development Co. posted a net profit after zakat and tax of SAR 25.5 million for Q1 2019, a plunge of 92.3 percent year-on-year (YoY) due to lower property sales.

Meanwhile, an increase in operating expenses and a decline in income from associates were fully offset by higher non-operating income from Islamic deposits.

When compared to Q4 2018, the real estate developer's net profit fell 21.6 percent on lower income from associates and non-operating income from Islamic deposits.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	2,793.91	823.68	(70.5 %)
Gross Income	474.61	159.28	(66.4 %)
Operating Income	436.45	117.24	(73.1 %)
Net Income	331.12	25.51	(92.3 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.31	0.02	(92.3 %)

Item	Q4 2018	Q1 2019	Change‬
Revenues	846.09	823.68	(2.6 %)
Gross Income	151.86	159.28	4.9 %
Operating Income	108.89	117.24	7.7 %
Net Income	32.53	25.51	(21.6 %)
Average Shares	1,080.00	1,080.00	-
EPS (Riyals)	0.03	0.02	(21.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	1,144.94	(7.5 %)	478.42	(6.7 %)	398.65	(6.1 %)	0.37
Q2 2010	1,114.44	(24.8 %)	530.85	(25.5 %)	437.00	(29.3 %)	0.40
Q3 2010	910.21	(40.3 %)	374.90	(47.5 %)	289.63	(53.0 %)	0.27
Q4 2010	972.39	(20.3 %)	380.09	(33.0 %)	330.44	(28.7 %)	0.31
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
Q1 2011	955.15	(16.6 %)	366.63	(23.4 %)	273.09	(31.5 %)	0.25
Q2 2011	791.24	(29.0 %)	337.74	(36.4 %)	297.77	(31.9 %)	0.28
Q3 2011	755.19	(17.0 %)	320.63	(14.5 %)	227.47	(21.5 %)	0.21
Q4 2011	810.93	(16.6 %)	344.02	(9.5 %)	289.61	(12.4 %)	0.27
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
Q1 2012	868.19	(9.1 %)	367.46	0.2 %	292.59	7.1 %	0.27
Q2 2012	1,083.51	36.9 %	388.05	14.9 %	331.03	11.2 %	0.31
Q3 2012	728.52	(3.5 %)	329.38	2.7 %	220.89	(2.9 %)	0.20
Q4 2012	876.85	8.1 %	308.83	(10.2 %)	144.04	(50.3 %)	0.13
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
Q1 2013	835.82	(3.7 %)	375.58	2.2 %	237.61	(18.8 %)	0.22
Q2 2013	680.86	(37.2 %)	208.07	(46.4 %)	103.70	(68.7 %)	0.10
Q3 2013	721.56	(1.0 %)	306.46	(7.0 %)	183.32	(17.0 %)	0.17
Q4 2013	692.93	(21.0 %)	262.97	(14.8 %)	156.83	8.9 %	0.15
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63
Q1 2014	924.09	10.6 %	402.77	7.2 %	247.86	4.3 %	0.23
Q2 2014	774.21	13.7 %	294.24	41.4 %	121.34	17.0 %	0.11
Q3 2014	751.01	4.1 %	296.13	(3.4 %)	89.90	(51.0 %)	0.08
Q4 2014	606.75	(12.4 %)	306.11	16.4 %	115.60	(26.3 %)	0.11
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
Q1 2015	722.36	(21.8 %)	330.92	(17.8 %)	147.29	(40.6 %)	0.14
Q2 2015	528.69	(31.7 %)	229.36	(22.0 %)	70.48	(41.9 %)	0.07
Q3 2015	540.95	(28.0 %)	242.16	(18.2 %)	92.73	3.1 %	0.09
Q4 2015	419.35	(30.9 %)	180.79	(40.9 %)	48.66	(57.9 %)	0.05
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33
Q1 2016	434.61	(39.8 %)	191.60	(42.1 %)	57.85	(60.7 %)	0.05
Q2 2016	407.56	(22.9 %)	184.70	(19.5 %)	43.23	(38.7 %)	0.04
Q3 2016	617.57	14.2 %	245.20	1.3 %	112.47	21.3 %	0.10
Q4 2016	410.49	(2.1 %)	170.46	(5.7 %)	37.29	(23.4 %)	0.03
2016	1,870.23	(15.4 %)	791.94	(19.5 %)	250.83	(30.2 %)	0.23
Q1 2017	360.33	(17.1 %)	135.69	(29.2 %)	12.13	(79.0 %)	0.01
Q2 2017	456.49	12.0 %	160.14	(13.3 %)	10.94	(74.7 %)	0.01
Q3 2017	1,482.74	140.1 %	352.81	43.9 %	209.62	86.4 %	0.19
Q4 2017	2,435.12	493.2 %	465.37	173.0 %	320.68	760.0 %	0.30
2017	4,734.68	153.2 %	1,114.01	40.7 %	553.37	120.6 %	0.51
Q1 2018	2,793.91	675.4 %	474.61	249.8 %	331.12	2629.1 %	0.31
Q2 2018	1,784.80	291.0 %	266.17	66.2 %	108.60	892.3 %	0.10
Q3 2018	987.63	(33.4 %)	164.67	(53.3 %)	36.73	(82.5 %)	0.03
Q4 2018	846.09	(65.3 %)	151.86	(67.4 %)	32.53	(89.9 %)	0.03
2018	6,412.27	35.4 %	1,057.15	(5.1 %)	508.81	(8.1 %)	0.47
Q1 2019	823.68	(70.5 %)	159.28	(66.4 %)	25.51	(92.3 %)	0.02

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	5,464.05	(2.6 %)	2,507.14	(11.9 %)	2,122.68	(9.9 %)	1.97
2010	4,141.98	(24.2 %)	1,764.26	(29.6 %)	1,455.71	(31.4 %)	1.35
2011	3,312.51	(20.0 %)	1,369.01	(22.4 %)	1,087.94	(25.3 %)	1.01
2012	3,557.07	7.4 %	1,393.71	1.8 %	988.54	(9.1 %)	0.92
2013	2,931.17	(17.6 %)	1,153.07	(17.3 %)	681.46	(31.1 %)	0.63
2014	3,056.06	4.3 %	1,299.26	12.7 %	574.70	(15.7 %)	0.53
2015	2,211.35	(27.6 %)	983.23	(24.3 %)	359.16	(37.5 %)	0.33
2016	1,870.23	(15.4 %)	791.94	(19.5 %)	250.83	(30.2 %)	0.23
2017	4,734.68	153.2 %	1,114.01	40.7 %	553.37	120.6 %	0.51
2018	6,412.27	35.4 %	1,057.15	(5.1 %)	508.81	(8.1 %)	0.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	46.04 %	43.25 %	39.04 %
Q2 2010	45.78 %	42.93 %	38.29 %
Q3 2010	44.45 %	41.53 %	36.20 %
Q4 2010	42.59 %	40.02 %	35.15 %
2010	42.59 %	40.02 %	35.15 %
Q1 2011	41.81 %	39.46 %	33.66 %
Q2 2011	40.21 %	37.78 %	32.82 %
Q3 2011	40.45 %	37.95 %	32.49 %
Q4 2011	41.33 %	38.76 %	32.84 %
2011	41.33 %	38.76 %	32.84 %
Q1 2012	42.47 %	39.68 %	34.33 %
Q2 2012	40.37 %	37.50 %	32.43 %
Q3 2012	40.93 %	37.66 %	30.86 %
Q4 2012	39.18 %	35.45 %	26.20 %
2012	39.18 %	35.45 %	26.20 %
Q1 2013	39.77 %	35.51 %	24.88 %
Q2 2013	39.14 %	34.94 %	20.80 %
Q3 2013	38.49 %	34.52 %	21.47 %
Q4 2013	39.34 %	35.77 %	23.25 %
2013	39.34 %	35.77 %	23.25 %
Q1 2014	39.09 %	35.67 %	22.91 %
Q2 2014	40.68 %	36.30 %	22.79 %
Q3 2014	39.97 %	34.70 %	19.60 %
Q4 2014	42.51 %	36.47 %	18.81 %
2014	42.51 %	36.47 %	18.81 %
Q1 2015	43.00 %	36.39 %	16.61 %
Q2 2015	44.56 %	37.60 %	16.22 %
Q3 2015	46.21 %	39.61 %	17.76 %
Q4 2015	44.46 %	38.36 %	16.24 %
2015	44.46 %	38.36 %	16.24 %
Q1 2016	43.87 %	38.20 %	14.02 %
Q2 2016	44.34 %	39.09 %	13.45 %
Q3 2016	42.69 %	38.63 %	13.95 %
Q4 2016	42.34 %	37.93 %	13.41 %
2016	42.34 %	37.93 %	13.41 %
Q1 2017	40.98 %	36.42 %	11.42 %
Q2 2017	38.57 %	34.05 %	9.37 %
Q3 2017	30.22 %	27.00 %	9.96 %
Q4 2017	23.53 %	21.73 %	11.69 %
2017	23.53 %	21.73 %	11.69 %
Q1 2018	20.27 %	19.08 %	12.17 %
Q2 2018	18.35 %	17.34 %	11.42 %
Q3 2018	17.13 %	16.05 %	9.96 %
Q4 2018	16.49 %	15.08 %	7.94 %
2018	16.49 %	15.07 %	7.93 %
Q1 2019	16.70 %	14.45 %	4.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	45.88 %	43.22 %	38.85 %
2010	42.59 %	40.02 %	35.15 %
2011	41.33 %	38.76 %	32.84 %
2012	39.18 %	35.45 %	26.20 %
2013	39.34 %	35.77 %	23.25 %
2014	42.51 %	36.47 %	18.81 %
2015	44.46 %	38.36 %	16.24 %
2016	42.34 %	37.93 %	13.41 %
2017	23.53 %	21.73 %	11.69 %
2018	16.49 %	15.07 %	7.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	41.79 %	38.88 %	34.82 %
Q2 2010	47.63 %	45.19 %	39.21 %
Q3 2010	41.19 %	38.60 %	31.82 %
Q4 2010	39.09 %	36.79 %	33.98 %
Q1 2011	38.38 %	36.32 %	28.59 %
Q2 2011	42.68 %	39.82 %	37.63 %
Q3 2011	42.46 %	39.52 %	30.12 %
Q4 2011	42.42 %	39.89 %	35.71 %
Q1 2012	42.32 %	39.48 %	33.70 %
Q2 2012	35.81 %	32.72 %	30.55 %
Q3 2012	45.21 %	40.35 %	22.54 %
Q4 2012	35.22 %	30.78 %	16.43 %
Q1 2013	44.94 %	39.88 %	28.43 %
Q2 2013	30.56 %	28.44 %	15.23 %
Q3 2013	42.47 %	38.61 %	25.41 %
Q4 2013	37.95 %	35.08 %	22.63 %
Q1 2014	43.59 %	39.16 %	26.82 %
Q2 2014	38.01 %	31.85 %	15.67 %
Q3 2014	39.43 %	31.81 %	11.97 %
Q4 2014	50.45 %	44.04 %	19.05 %
Q1 2015	45.81 %	39.58 %	20.39 %
Q2 2015	43.38 %	35.70 %	13.33 %
Q3 2015	44.77 %	38.51 %	17.14 %
Q4 2015	43.11 %	39.41 %	11.60 %
Q1 2016	44.08 %	39.68 %	13.31 %
Q2 2016	45.32 %	38.90 %	10.61 %
Q3 2016	39.70 %	37.17 %	18.21 %
Q4 2016	41.52 %	36.26 %	9.08 %
Q1 2017	37.66 %	32.50 %	3.37 %
Q2 2017	35.08 %	29.04 %	2.40 %
Q3 2017	23.79 %	22.47 %	14.14 %
Q4 2017	19.11 %	18.31 %	13.17 %
Q1 2018	16.99 %	16.31 %	11.85 %
Q2 2018	14.91 %	13.36 %	6.08 %
Q3 2018	16.67 %	14.57 %	3.72 %
Q4 2018	17.95 %	15.21 %	3.84 %
Q1 2019	19.34 %	15.89 %	3.10 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	1,080.00	1.94	1.94	13.20
Q2 2010	1,080.00	1.77	1.77	12.61
Q3 2010	1,080.00	1.47	1.47	12.87
Q4 2010	1,080.00	1.35	1.35	13.18
Q1 2011	1,080.00	1.23	1.23	13.43
Q2 2011	1,080.00	1.10	1.10	13.71
Q3 2011	1,080.00	1.05	1.05	13.92
Q4 2011	1,080.00	1.01	1.01	14.19
Q1 2012	1,080.00	1.03	1.03	14.46
Q2 2012	1,080.00	1.06	1.06	14.77
Q3 2012	1,080.00	1.05	1.00	14.97
Q4 2012	1,080.00	0.92	0.86	15.10
Q1 2013	1,080.00	0.86	0.81	15.32
Q2 2013	1,080.00	0.65	0.60	15.42
Q3 2013	1,080.00	0.62	0.62	15.59
Q4 2013	1,080.00	0.63	0.63	15.73
Q1 2014	1,080.00	0.64	0.64	15.96
Q2 2014	1,080.00	0.66	0.66	16.08
Q3 2014	1,080.00	0.57	0.57	16.16
Q4 2014	1,080.00	0.53	0.53	16.27
Q1 2015	1,080.00	0.44	0.44	16.40
Q2 2015	1,080.00	0.39	0.39	16.47
Q3 2015	1,080.00	0.39	0.39	16.55
Q4 2015	1,080.00	0.33	0.33	16.60
Q1 2016	1,080.00	0.25	0.25	16.65
Q2 2016	1,080.00	0.22	0.22	16.69
Q3 2016	1,080.00	0.24	0.24	16.80
Q4 2016	1,080.00	0.23	0.23	16.83
Q1 2017	1,080.00	0.19	0.19	16.84
Q2 2017	1,080.00	0.16	0.16	16.85
Q3 2017	1,080.00	0.25	0.25	17.05
Q4 2017	1,080.00	0.51	0.51	17.35
Q1 2018	1,080.00	0.81	0.81	17.65
Q2 2018	1,080.00	0.90	0.90	17.25
Q3 2018	1,080.00	0.74	0.74	17.29
Q4 2018	1,080.00	0.47	0.47	17.32
Q1 2019	1,080.00	0.19	0.19	17.34

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	1,080.00	1.97	1.97	12.83
2010	1,080.00	1.35	1.35	13.18
2011	1,080.00	1.01	1.01	14.19
2012	1,080.00	0.92	0.86	15.10
2013	1,080.00	0.63	0.63	15.73
2014	1,080.00	0.53	0.53	16.27
2015	1,080.00	0.33	0.33	16.60
2016	1,080.00	0.23	0.23	16.83
2017	1,080.00	0.51	0.51	17.35
2018	1,080.00	0.47	0.47	17.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	7.29	7.29	1.07
Q2 2010	6.65	6.65	0.94
Q3 2010	6.93	6.93	0.79
Q4 2010	6.68	6.68	0.68
Q1 2011	7.84	7.84	0.72
Q2 2011	7.12	7.12	0.57
Q3 2011	5.98	5.98	0.45
Q4 2011	7.20	7.20	0.51
Q1 2012	12.78	12.78	0.91
Q2 2012	8.57	8.57	0.61
Q3 2012	8.52	8.97	0.60
Q4 2012	9.01	9.56	0.55
Q1 2013	9.54	10.16	0.54
Q2 2013	15.90	17.29	0.67
Q3 2013	16.31	16.31	0.65
Q4 2013	15.61	15.61	0.63
Q1 2014	19.52	19.52	0.78
Q2 2014	18.80	18.80	0.77
Q3 2014	24.41	24.41	0.86
Q4 2014	15.28	15.28	0.50
Q1 2015	19.52	19.52	0.52
Q2 2015	23.17	23.17	0.55
Q3 2015	17.64	17.64	0.42
Q4 2015	18.64	18.64	0.37
Q1 2016	21.02	21.02	0.32
Q2 2016	28.86	28.86	0.39
Q3 2016	19.56	19.56	0.28
Q4 2016	26.52	26.52	0.37
Q1 2017	31.54	31.54	0.36
Q2 2017	41.87	41.87	0.40
Q3 2017	26.00	26.00	0.38
Q4 2017	28.10	28.10	0.83
Q1 2018	15.52	15.52	0.71
Q2 2018	11.74	11.74	0.61
Q3 2018	13.51	13.51	0.58
Q4 2018	19.14	19.14	0.52
Q1 2019	56.82	56.82	0.62

Period	P/E	Adjusted P/E	Price/book
2009	7.15	7.15	1.09
2010	6.68	6.68	0.68
2011	7.20	7.20	0.51
2012	9.01	9.56	0.55
2013	15.61	15.61	0.63
2014	15.28	15.28	0.50
2015	18.64	18.64	0.37
2016	26.52	26.52	0.37
2017	28.10	28.10	0.83
2018	19.15	19.15	0.52

Business Segments (Million)

Compared With The

Period	Real estate development	property Leasing	Sale of Land	Sale of residential properties
Q1 2010	-	-	1,026.97	117.97
Q2 2010	-	-	980.19	134.24
Q3 2010	-	-	831.26	78.95
Q4 2010	-	-	926.88	45.51
Q1 2011	-	5.23	938.54	11.39
Q2 2011	-	2.78	757.68	30.77
Q3 2011	-	3.30	729.91	21.98
Q4 2011	-	3.69	794.04	13.20
Q1 2012	-	4.66	850.75	12.79
Q2 2012	-	5.04	1,072.63	5.84
Q3 2012	-	17.35	708.06	3.12
Q4 2012	-	25.74	847.56	3.55
Q1 2013	-	24.92	810.91	-
Q2 2013	-	27.62	652.78	0.46
Q3 2013	-	27.81	693.75	-
Q4 2013	-	28.09	664.84	-
Q1 2014	-	31.22	892.87	-
Q2 2014	-	31.02	735.19	8.00
Q3 2014	-	29.81	721.20	-
Q4 2014	-	32.57	574.17	-
Q1 2015	-	32.85	689.51	-
Q2 2015	-	33.12	495.57	-
Q3 2015	-	35.02	505.93	-
Q4 2015	-	35.09	384.26	-
Q1 2016	-	36.69	397.92	-
Q2 2016	-	36.93	370.63	-
Q3 2016	-	34.51	583.06	-
Q4 2016	-	37.42	373.08	-
Q1 2017	-	38.82	321.51	-
Q2 2017	-	36.23	417.20	-
Q3 2017	-	36.41	1,445.21	1.13
Q4 2017	-	38.40	2,400.90	-
Q1 2018	2,759.90	34.02	-	-
Q2 2018	1,750.72	34.08	-	-
Q3 2018	955.17	32.29	-	-
Q4 2018	810.70	35.39	-	-
Q1 2019	789.39	34.28	-	-

Period	Real estate development	property Leasing	Sale of Land	Sale of residential properties
2009	-	-	4,944.73	519.32
2010	-	-	3,765.30	376.68
2011	-	15.00	3,220.17	77.35
2012	-	52.78	3,479.00	25.29
2013	-	108.43	2,822.28	0.46
2014	-	124.63	2,923.43	8.00
2015	-	136.08	2,075.27	-
2016	-	145.55	1,724.68	-
2017	-	149.86	4,584.82	-
2018	6,276.49	135.78	-	-

Analysts Estimates (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change‬
Average	20.00	25.51	27.57 %

Estimates vs Actual (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change
SNB Capital	20.00	25.51	27.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	13,478.40
Enterprise Value (EV) (M)	18,335.61
Shares Outstanding ((M))	1,080.00
EPS ( Riyal) (TTM)	0.60
Book Value (BV) ( Riyal)	18.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.84
P/E (TTM)	20.84
Price/book	0.66
Return on Average Assets (%) (TTM)	2.0
Return on Average Equity (%) (TTM)	3.2

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Dar Al Arkan’s net profit tumbles 92% in Q1 2019

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Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Dar Al Arkan’s net profit tumbles 92% in Q1 2019

View other reports

Share Price

Dar Alarkan Real Estate Development Co. (DAR ALARKAN)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)